NEWS | ADDRESSING THE CHANGING MARKETING CONDITIONS
July 8, 2022 – Let’s face it, the last few years have been a whirlwind. Our world has been shaken like a snow globe and that won’t stop falling. The flakes are dense and piling up a rapid pace. From the Covid-19 pandemic to the economic slowdown, it feels like we’re in a never-ending snowstorm and are patiently awaiting those first signs of spring. There’s no doubt that businesses are feeling the effects of the highest inflation in 4 decades and are facing supply chain issues daily.
The economy has been running hot since the reopening of businesses following the Covid-19 pandemic for several reasons; Historically low interest rates, money added to the economy, and too much demand with a lack of supply. The combination of these factors has caused the perfect storm and resulted an economic slowdown. With global manufacturing shutdowns hindering the ability to produce goods for consumers who were demanding it, suppliers have been forced to increase prices to cover the costs. Manufacturers have scaled back production, which is taking longer than anticipated to start back up. The labor pool shortages and increased transportation costs are putting pressure on prices, leaving companies with slower production and longer lead times. The invasion of Ukraine has taken a toll on business across the world making it more difficult to get materials, like MDF particle board and wood, which are used in the construction of various point-of-sale (POS) displays.
It’s no longer business as usual and companies have had to adapt to the current economic climate. Service providers have been forced to raise prices and are facing longer turn-around times than ever before, while client budgets have decreased, and their expectations have remained the same. When it comes to choosing a partner to execute a strategic POS solution, the question now is; “What company has the ability to deliver the same results on a limited budget?”
Forming the right partnerships is key to capitalizing on a stricter budget. Here some changes to consider when designing a POS solution in present times:
- Switch to reusable racks that can be rebranded for different campaigns
- Save on freight costs by asking Main St. Group for drop-shipping to direct locations
- Try a pole topper instead of a structural display
- Switch from wood or metal to our “Green” structural corrugate material
- Take advantage of the favorable currency by manufacturing in Canada
- Plan ahead and start thinking about what your retail marketing campaign will look like 6 months in advance.
2022 has been off to a rocky start with the economic slowdown, high inflation rates, and a lack of supply. Companies of all sizes have had to shift their expectations and find partners who are willing to deliver the same result within a budget. Our team knows that all it takes is a few minor changes to a POS design to help our clients capitalize on their tighter budgets without wavering on results. Main St. Group has a comprehensive vendor base, which allows us to leverage our partnerships and overcome these pressing challenges.